§31-18C-8. Legality for investment; tax exemption.
(a) The bonds are hereby made securities in which all
insurance companies and associations, and other persons carrying on
an insurance business, all banks, bankers, trust companies,
building and loan associations, savings and loan associations,
investment companies and other persons carrying on a banking
business, and other persons, except administrators, guardians,
executors, trustees and fiduciaries, who are now or who may
hereafter be authorized to invest in bonds or other obligations of
the state, may properly and legally invest funds including capital
in their control or belonging to them.

(b) The bonds and the income therefrom shall at all times be
exempt from taxation.